In the current economic environment, consumer confidence low and many businesses are feeling the pinch of poor sales. Retailers like Myers and David Jones are competing aggressively to stimulate sales in a down market, so what are you doing to improve your sales?
What strategies are you planning to entice new buyers? Perhaps discounting certain stock items may help cash-flow.
Once customers are attracted to your business, it’s much easier to cross or up sell on additional products or services. In this way it’s good to think about what items are easy to cross or up-sell. E.g. if you are a beauty salon owner, you might advertise waxing at a discounted price, and then once you have your customer through the door, up-sell them to laser hair removal or a skin care treatment.
It’s surprising how many businesses cut their marketing budgets in weaker economic conditions at a time when marketing is crucial to preserve existing clientele and attract new buyers to the business. Naturally costs and overheads are a factor for any business so the key is marketing your business smarter. If you currently use traditional marketing methods such as newspaper, magazines, radio and letter box drops why not consider web marketing. Web marketing by comparison to traditional marketing methods is quite low cost, and is often not only more effective but more measurable as well. This means you can better track the cost of obtaining a sale.
If you’re already utilising web marketing, take the time to work on developing and improving your web strategy. You should consider improving your current site from an information perspective and improving it for sales conversions. Increase or develop a social media presence, send out email newsletters, write blogs etc.
Whilst some of these strategies will drive sales immediately, other strategies will develop sales long term.
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Thanks for these tips! It is surprising how marketing budgets are the first thing to be cut in weak economic conditions.